Wang Yongli, former vice president of the Bank of China: Trump’s new Bitcoin policy should be viewed rationally and not blindly follow the trend

PANews reported on January 8 that Wang Yongli, former vice president of the Bank of China, published an article "A Rational View of Trump's Bitcoin New Deal" in the first issue of "China Foreign Exchange" in 2025. The article pointed out that Bitcoin is highly imitated at the "coin" level. Gold is therefore called “digital gold”. However, Bitcoin is a purely chain-generated digital asset, not a natural physical asset. Its value depends on the development space of its application scenarios and people's beliefs and investment. Bitcoin can be divided into 1/100 millionth of a tiny unit, giving it greater payment flexibility, but it is not backed by real gold and is not strictly "paper gold". Once trust is lost, it will be wiped out and worthless, and the risks are huge. in gold.

Moreover, Trump’s new Bitcoin policy is difficult to implement. First, it is more difficult for the United States to own new Bitcoins. The development of quantum computing technology will also pose major challenges to the security of cryptocurrencies such as Bitcoin. Secondly, the so-called national strategic reserve of Bitcoin, whether it is the strategic reserve of the government (finance) or the strategic reserve of the US dollar as the Federal Reserve (central bank), there are risks and uncertainties. Replacing gold reserves with Bitcoin reserves will have no real positive impact on the U.S. dollar, and it will also be difficult to use them to repay government debt. Once again, Trump’s new Bitcoin policy contradicts his stance of strengthening the US dollar as a key global currency.

Therefore, Bitcoin can only be a new type of tradable wealth or digital asset. It is difficult to become a real currency. It cannot replace sovereign currency at all. There is still a lot of doubt whether it can replace gold as a national strategic reserve. The international community should treat Trump's new Bitcoin policy calmly and objectively and not blindly follow the trend.